Jakarta, IDN Times – PT Cisarua Mountain Diary Tbk or Cimory officially listed or listed its initial shares on the Indonesia Stock Exchange (IDX) with the code CMRY, Monday (6/12/2021). CMRY also recorded a pretty good performance on its first day on the IDX.
Capital market observer, Reza Priyambada said that CMRY’s steady trend in its first trading followed the positive sentiment of the Composite Stock Price Index (JCI) throughout the day.
“From market conditions there are no problems, it means that the market is rebound today can be put to good use and then market players can take advantage of stocks that experienced previous weakening,” said Reza, when contacted IDN Times, Monday afternoon.
Also Read: Official IPO, Cimory Raises IDR 3.66 Trillion
1. Cimory shares weakened today
CMRY shares themselves had experienced a decline in almost an hour since the opening of trading. However, since then until the close, CMRY shares were stable in the green zone and even experienced an increase of 330 points or 10.71 percent to the level of Rp. 3,410 per share.
“Finally, I see that it has rebounded, this morning it was below the IPO price and then rose in the second session,” said Reza.
Reza said the weakening of CMRY shares for a while was due to a lot of selling done by domestic investors. At the same time, foreigners are still reluctant to do so.
“CMRY’s stock was below three thousand, it was past nine and continued to decline until the ARB, it was still more dominant for domestic selling. At 10 o’clock foreigners started collecting and domestic followed,” said Reza.
Also Read: JCI Closes Slightly Stronger, Cimory Shares Up 10 Percent More
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2. Cimory’s fundamentals are in good shape the past few years
Cimory Dairyland & Resto Prigen. (youtube.com/Cimory Indonesia) –
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The slick performance of Cimory shares in the initial trading is believed by Reza to be able to survive in the future.
This is due to the stable and good fundamentals of Cimory in the last few years.
“From a fundamental point of view, like the last three years, it’s positive. Then the business development is not only selling milk, but also expanding to other sectors, such as restaurants, shops or retail as well. At least it provides a supporting business for them,” said Reza.
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3. Cimory earns IDR 3 trillion more than IPO on IDX
Cimory Indonesia Products (cimory.com) –
Previously reported, Cimory released 1,190,203,000 shares in its initial offering. The shares represent 15 percent of the company’s paid-up and issued capital after the initial public offering (IPO).
Cimory set the share price at Rp3,080 per share in this initial offering. Thus, Cimory has raised funds of Rp. 3.66 trillion from this IPO.
The President Director of CMRY, Farell Sutantio, explained the use of the proceeds from this IPO. First, 33 percent of it will be used for capital expenditures related to increasing the capacity of production facilities such as factories, properties and equipment.
“Furthermore, about 25 percent will be used for deposits to subsidiaries, namely PT Macroprima Panganutama (MP), a food processing company. This fund will mainly be used by MP to increase capacity for production facilities and working capital,” said Farell.
Then, 20 percent of the IPO funds were used by CMRY to deposit capital to another subsidiary, namely PT Macrosentra Niagaboga (MN). MN itself is a company engaged in the field of agents and distributors.
Farell said that MN would use the funds for capital expenditures related to the distribution center expansion plan and for working capital.
“Then 15 percent will be used for capital expenditures related to distribution channel expansion in the form of increasing the number of shops and supporting facilities, related to the increase in the number of Miss Cimory which includes training and development. Finally, around seven percent will be used for the company’s working capital to finance needs day-to-day operations,” he said.
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